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EU vows to extend post-Brexit clearing deal with UK

European Commission puts cliff-edge fears to bed, but uncertainty remains

The European Union's promise to extend  the clearing deal has prolonged the uncertainty but eased concerns in the City
The European Union's promise to extend the clearing deal has prolonged the uncertainty but eased concerns in the City Photo: Getty Images

UK clearing houses will remain open to EU banks in an extension to the post-Brexit deal struck between the bloc and the City.

In a 10 November statement, the European Commission said it still believed that "over-reliance on UK-based central counterparties for some clearing activities is a source of financial stability risk in the medium term and will pursue its work to develop the capacity of EU-based CCPs as a means to reduce such over-reliance."

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